Random Rank-Dependent Expected Utility

Nail Kashaev and Victor Aguiar

Games, 2022, vol. 13, issue 1, 1-10

Abstract: We present a novel characterization of random rank-dependent expected utility for finite datasets and finite prizes. As a byproduct, we obtain a characterization of random expected utility that works for finite datasets. The test lends itself to statistical testing. We apply our test to an experimental dataset and find evidence against random expected utility, while random rank-dependent expected utility can explain the dataset.

Keywords: random utility; expected utility; rank-dependent expected utility (search for similar items in EconPapers)
JEL-codes: C C7 C70 C71 C72 C73 (search for similar items in EconPapers)
Date: 2022
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Working Paper: Random Rank-Dependent Expected Utility (2021)
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